Socal-Elite Sports Inc
- Assets
- $1.1m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 5
- Location
- Irvine, CA
- Founding
- 09/2007
- Data as of
- 12/2022
- EIN
- 20-3781495
Organization Overview
Socal-Elite Sports Inc is located in Irvine, CA. The organization was established in 2007. According to its NTEE Classification (N62) the organization is classified as: Basketball, under the broad grouping of Recreation & Sports and related organizations. As of 12/2022, Socal-Elite Sports Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Socal-Elite Sports Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Socal-Elite Sports Inc generated $1.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $1.3m during the year ending 12/2022. While expenses have increased by 1.5% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
SOCAL ELITE SPORTS, INC. WAS FORMED IN 2007 FOR EDUCATIONAL AND CHARITABLE PURPOSES SPECIFICALLY TO PROVIDE BASKETBALL CAMPS, CLINICS, TRAINING, SKILL DEVELOPMENT, AND COMPETITIVE TOURNAMENT ACTIVITIES FOR YOUNG BOYS AND GIRLS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BASKETBALL LEAGUES AND CAMPS - SOCAL ELITE CONDUCTS SEASONAL BASKETBALL LEAGUES, EACH OF WHICH RUN FROM FIVE TO TEN WEEKS. LEAGUE PARTICIPANTS COME FROM THE SOCAL ELITE BASKETBALL ACADEMY OR FROM OTHER YOUTH RESIDENTS WITHIN THE COMMUNITY. SOCAL ELITE ALSO CONDUCTS SEVERAL SEASONAL CAMPS FOR BEGINNING, INTERMEDIATE, AND EXPERIENCED PLAYERS, RANGING IN AGE FROM 6-18.
BASKETBALL CLUB TEAMS - SOCAL ELITE'S CLUB BASKETBALL TEAMS ARE A GREAT OPPORTUNITY FOR CHILDREN TO PLAY AGAINST THE TOP COMPETITION IN SOUTHERN CALIFORNIA. THIS EXPOSURE TO THE BEST COMPETITION IS PARAMOUNT TO A PLAYER'S IMPROVEMENT ON A GRANDER STAGE. OUR CLUB TEAMS PLAY IN 1-2 TOURNAMENTS PER MONTH AND PRACTICE TWO OR THREE TIMES PER WEEK IN INDOOR GYMNASIUMS. PLAYING ON A SOCAL ELITE CLUB TEAM IS A GREAT WAY TO DEVELOP CAMARADERIE WITH FELLOW TEAMMATES, ALL THE WHILE PLAYING AGAINST TOP-NOTCH COMPETITION. UNIQUE TO SOCAL ELITE, WE WILL ASSIST YOU WITH ANY FINANCIAL DIFFICULTIES YOU HAVE; OUR MAIN FOCUS IS TO MAKE SURE THAT THOSE PLAYERS WHO CAN PLAY AT THE CLUB LEVEL, DO PLAY AT THE CLUB LEVEL.
BASKETBALL ACADEMY - SOCAL ELITE CONDUCTS YEAR-ROUND BASKETBALL ACADEMIES (BASKETBALL SCHOOL), UTILIZING SEVERAL GYM FACILITIES THROUGHOUT IRVINE AND NEWPORT BEACH, CA. THE ACADEMIES INCLUDES WEEKLY TRAINING SESSIONS, SKILL DEVELOPMENT, SCRIMMAGES, FITNESS DEVELOPMENT, GAME SITUATIONS, ETC. THESE ARE ALL AGE-GROUP SESSIONS SO THAT YOUTH ATHLETES ARE PRACTICING WITH OTHERS OF THE SAME AGE GROUP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cary Lambeth VP & Secretary | Officer | 50 | $92,000 |
Patrick Lefler CEO | Officer | 50 | $92,000 |
Chris Mcgarahan Director | Officer | 2 | $0 |
Kevin Karamanos Director | Officer | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,514,135 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,518,135 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $46,112 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $184,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $139,231 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $26,012 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,785 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $552,843 |
| Advertising and promotion | $25,450 |
| Office expenses | $0 |
| Information technology | $5,020 |
| Royalties | $0 |
| Occupancy | $247,249 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $11,407 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $62,161 |
| All other expenses | $0 |
| Total functional expenses | $1,302,513 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,055,937 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,055,937 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $493,956 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $493,956 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $561,981 |
| Total liabilities and net assets/fund balances | $1,055,937 |
Grants Awarded
Over the last fiscal year, Socal-Elite Sports Inc has awarded $44,265 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
IRVINE PUBLIC SCHOOLS FOUNDAT | | | $24,600 |
EAGLE BASKETBALL CAMPS | | | $7,856 |
BEACON PARK PTA | | | $11,809 |